As some have pointed out here, I would say check what your competition is doing. The temptation is to price lower than they are so you can grab the sale.
The problem here is that buyers have become very savvy in recent years. They can look at basically the same product, one selling for $7 and the other selling for $27. Many will choose the latter thinking that because it’s a higher price, it must be a better value.
Don’t get me wrong. This won’t always be the case. You’ll always find people who want the inexpensive (note I didn’t say “cheap”) route. I mean, who doesn’t want to save money? But many will look at the higher priced product as having more value.
As I stated in a previous thread, just make sure you re-purpose products that others may be (are) selling as well. I know that’s kind of a different topic, but it bears mentioning again here.
Bottom line, pricing is based on what the market is prepared to pay. Do your research. I hope that helps.
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